How can Tech’ support your resilience?

How can tech' support your resilience... the whyaye! way

How can technology support your capability

Want to open a new account, “tap on the app”… suspect a fraudulent transaction “my bank messages me”… this is the norm now where 24/7 access to banking services is expected as standard.

It’s a complex, interconnected world, with major financial service (FS) institutions unable to understand and achieve full control of the end-to-end supply chain that delivers their core services.   Why is this?   Firms are increasingly using third parties (who use, fourth and even fifth parties)  to deliver these services.    

And in this world, a problem experienced by a firm, or one of their suppliers, can have serious consequences… and lead to a damaging service outage which impacts customers.

Think about the implications of customers not being able to withdraw their money from cash machines and/or the banking ap crashes! aghhhhhh So to protect customers, in March 2022 the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) introduced operational resilience regulations for the UK. This is great news but regulation alone doesn’t fix the problem.

What can firms DO?

The reactive solution is simply to throw people at the problem – to build up large, in-house teams of operational resilience and risk specialists and cybersecurity experts. However ,this can be a costly option if teams don’t have the  level of information available required to provide timely and forward looking insight.

Yes, it can be an easy option, but in the long-term, it’s an inefficient way of managing risk.

A more proactive option might be to invest in technology which allows all areas of the business to collaborate on one platform which provides a single view of risk and resilience … Automated and continuous scenario planning can pinpoint weaknesses and real time data, on the effectiveness of controls and the firms risk position, will provide confidence when forward planning.

Crucially, an effective integrated risk management platform, can help to unite siloed teams and break down the barriers to effective operational risk and resilience. It can ensure that data from multiple, unrelated sources are brought into once accessible system. And it can help an organisation meet regulatory requirements and demonstrate compliance more easily.  

So what does the look like

To enhance the customer experience and gain efficiences firms have utilised third parities and global supply chains extensively in recent years.   However, the rise in geopolitical tensions is changing the threats firms are facing.

Now more than ever, effectively managing risk and resilience should be a key priority for everyone. However, in recent years, many companies have realised that they can’t carry this out manually or by relying on an array of disparate, poorly performing systems.

As a result, we are, and will see, companies managing risk and resilience far more dynamically. There will be a widespread integration of highly flexible prediction, prevention, preparedness and response capabilities, that are tested, challenged and adapted on a near constant basis. Automation and AI will become more prominent in areas such as scenario testing, risk / threat identification and continuous controls monitoring. 

All of this will culminate in a ‘real time’ view of risk and resilience. This will provide those in accountable roles, such as a COO, CIO or CRO, with the intelligence to make the right decisions in a timely manner. 

And in turn, this will only improve the customer experience, which, of course, is the ultimate goal of all risk and resilience activities. 

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